Global gold demand in the first quarter of 2016 was 21 percent higher compared to 2015, as Russia and China continued to accumulate significant quantities of the precious metal, the World Gold Council reported. Global demand for gold in the first quarter of 2016 was 1,290 tons, the highest ever for a first quarter, as investors sought a safe haven due to the economic fragility and uncertainty raised by negative interest rates, the World Gold Council reported on Thursday. The price of the malleable metal has risen 19 per cent since the beginning of this year to $1,275 per troy ounce.

“Looking ahead, we anticipate that ongoing market uncertainty and unconventional monetary policies will continue to support both investment and central bank demand. This, combined with an expected recovery in India, should see gold demand remain healthy over the course of 2016,” stated Alistair Hewitt, Head of Market Intelligence at the World Gold Council. READ MORE